Discounted Cash Flow (DCF) Analysis Levered

Logitech International S.A. (LOGI)

$60.54

+2.29 (+3.93%)
All numbers are in Millions, Currency in USD
Stock DCF: 196.63 | 60.54 | undervalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 2,566.862,788.322,975.855,252.285,481.106,799.398,434.7610,463.4512,980.0816,102
Revenue (%)
Operating Cash Flow 346.26305.184251,458.64298.32978.171,213.431,505.281,867.332,316.45
Operating Cash Flow (%)
Capital Expenditure -39.75-35.93-39.48-76.19-89.15-98.47-122.15-151.53-187.98-233.19
Capital Expenditure (%)
Free Cash Flow 306.51269.25385.521,382.45209.17879.701,091.281,353.751,679.352,083.26

Weighted Average Cost Of Capital

Share price $ 60.54
Beta 0.817
Diluted Shares Outstanding 170.41
Cost of Debt
Tax Rate 16.92
After-tax Cost of Debt 2.47%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.557
Total Debt 41.90
Total Equity 10,316.86
Total Capital 10,358.76
Debt Weighting 0.40
Equity Weighting 99.60
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 2,566.862,788.322,975.855,252.285,481.106,799.398,434.7610,463.4512,980.0816,102
Operating Cash Flow 346.26305.184251,458.64298.32978.171,213.431,505.281,867.332,316.45
Capital Expenditure -39.75-35.93-39.48-76.19-89.15-98.47-122.15-151.53-187.98-233.19
Free Cash Flow 306.51269.25385.521,382.45209.17879.701,091.281,353.751,679.352,083.26
WACC
PV LFCF 818.02943.621,088.501,255.631,448.41
SUM PV LFCF 5,554.18

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.54
Free cash flow (t + 1) 2,124.92
Terminal Value 38,356.02
Present Value of Terminal Value 26,667.57

Intrinsic Value

Enterprise Value 32,221.74
Net Debt -1,286.82
Equity Value 33,508.56
Shares Outstanding 170.41
Equity Value Per Share 196.63